Lending Processing Services (LPS) is adding former Treasury Secretary John Snow to its board, the mortgage processor said Tuesday.
Snow led the Treasury for President George W. Bush from 2003 to 2006. Since then he has been president of the consulting firm JWS Associates. Before joining Bush's economic team, Snow was the chairman and chief executive of the CSX railroad. LPS and CSX are based in Jacksonville, Fla.
LPS has been under fire for several years from regulators and lawmakers over its role in the financial crisis. In January the company agreed to pay $127 million to settle charges that it forged documents that were later used to foreclose on homeowners. Last week, Sen. Ron Wyden, D.-Ore., asked the Justice Department to investigate the legal fees the company charges delinquent homeowners.
LPS' six independent directors were paid an average of over $350,000 in 2011, according to a proxy statement file with the Securities Exchange Commission. Their 2012 pay has not yet been disclosed.
"We are fortunate to have John as a member of the board," Lee Kennedy, chairman of the LPS board, said in a news release. "John's experience in managing large regulated public companies and his expertise in the areas of regulation, public policy and risk management will enhance the board and the value we bring to the organization and its shareholders."
Snow, one of nine LPS directors, has been assigned to LPS' risk and compliance committee.
He serves on several corporate boards, including Cerberus Capital Management, of which he is chairman.